Friday, 22 August 2014
Last updated 11 hours ago
Jul 20 2011 | 11:21am ET
Michael Cardillo, the former Galleon Group trader whose testimony helped sink a former colleague last month, will pay $68,520 to settle the Securities and Exchange Commission's lawsuit against him.
Cardillo, who pleaded guilty to securities fraud and conspiracy in January, had been cooperating with prosecutors secretly prior to his plea. While he agreed to testify against Galleon founder Raj Rajaratnam, he was not called as a witness in that trial, which ended in Rajaratnam's conviction on all counts. He did, however, testify against former Galleon trader Zvi Goffer, who was convicted last month alongside his brother and a third man, Michael Kimelman.
Cardillo's settlement covers the profits he made trading on insider information and penalties.
No sentencing date has been set for Cardillo in the criminal case.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note